Songy Partners has raised about $25 million in a private placement and isn't nearly so "limited" anymore in either name or scope.

In return for the proceeds, the Atlanta-based real estate investment company has sold a minority interest in the company and has changed its name from Songy Partners Ltd. to Songy Partners LLC.

The financing, in the form of equity and subordinated notes, coincides with a record seven projects that have been acquired recently or are under contract.

The funds are intended to give the company a stronger balance sheet and greater independence to acquire assets without outside capital, said CEO David Songy.

The deal, marketed by SunTrust Robinson Humphrey as Songy's exclusive private placement agent, closed Aug. 15 and allows Songy and Chairman Perry Waughtal to retain full control and majority ownership.

In recent months, Songy Partners has acquired or put under contract seven projects totaling more than $200 million, said Songy, who added that the activity is a record for the 14-year-old company.

The projects are in Atlanta, Houston and South Florida.

Songy Partners operates primarily in the office and hotel sectors in the Southeast and acquires sites for ground-up and mixed-use developments, and also renovates older buildings.

Included among the seven projects are four in Atlanta.

Songy Partners, which owns the Wyndham Vinings hotel through a partnership, is under contract to buy a 3-acre development site adjacent to the hotel.

Songy said residential and office uses for the site are being considered.

Additionally, the firm recently closed on three other Atlanta projects: Lake Ridge Business Park at South Cobb and Interstate 285, a four-building office park on 15 acres; Eagles Landing Office Park at I-75 in Henry County, a 21-acre class A development site; and 270 Carpenter at Roswell Road and I-285, a 100,000-square-foot office building.

Ellis over to Cousins

Thad Ellis is leaving GVA Advantis to head up third-party office management and leasing for Cousins Properties Inc. (NYSE: CUZ).

Ellis, who joins Cousins as a senior vice president, was managing director of GVA's Atlanta office for the past two years, as well as a member of the firm's executive committee.

At Cousins, Ellis will oversee 13 million square feet in six office markets including Atlanta; Charlotte, N.C.; Dallas-Fort Worth; and Houston.

The Dallas-Fort Worth market is the division's largest, with nearly 5 million square feet of third-party space.

"In no way is this an indictment against Advantis, quite the contrary," said Ellis, who prior to joining GVA Advantis was managing director of CarrAmerica Corp.'s Atlanta office.

"To have an opportunity at Cousins and not listen, you've just got your head in the sand."

Ellis cited Cousins' reputation and the opportunity to work with Larry Gellerstedt, president of Cousins' office/multi- family division.

Grinning at Griffin

The Griffin Co. has sold both floors of 50 Old Ivy, its 11,600-square-foot boutique office condominium.

Located at the intersection of Old Ivy and Habersham roads near Piedmont Road, 50 Old Ivy is the final phase of a redevelopment that included the renovation of two neighboring buildings -- 34 and 38 Old Ivy, each containing 6,210 square feet.

Buyers were dentist Dr. Hal N. Arnold, and holding company Omnimart Corp. The purchasers will occupy part of their respective floors, and Griffin will market the remaining 2,600 square feet for lease in blocks of 1,000 to 2,600 square feet.

Kirk Demetrops of The Griffin Co. represented the seller and the buyers represented themselves.

Silver Tree sale

Located at 100 North River Drive and constructed in 1971, the 16-building property underwent a substantial renovation in 2003.

The property, now known as Avalon, was a perfect candidate for conversion, according to Peter Chang, managing partner of Silver Tree Investments.

"The property is in a wonderful neighborhood near the Chattahoochee River, has nice amenities, is gated and features spacious, two- and three-bedroom townhome-style units," said Chang.

Peter Greyling, vice president of Richard Bowers & Co., represented both the buyer and the seller, Silver Tree Associates LLC, in the deal.

Carter kudos. Trinity Community House, which provides transitional services to homeless men, has received the Atlanta Urban Design Commission Award of Excellence for Adaptive Use.

Real estate firm Carter provided pro-bono program management services to the organization when it relocated its facilities last year to the Auburn Avenue district.

Carter managed the development, design and construction of the 15,000-square-foot facility, which included the renovation of the existing historic structure, along with a new addition.

Southeast aids sales

Southeast Property Advisors in June represented buyers on $12.1 million worth of class A office building purchases.

Among the purchases: Hammond Property Investors LLC on June 26 purchased two office buildings at 5180 Roswell Road for $9.3 million.

The two buildings totaled 56,000 square feet. The sellers were Arthur Davis Jr., Ronald Davis, Lawrence McEvoy and Marjorie Knight. Thomas Bond and Gene Rice of Southeast Property Advisors represented the buyers and Marjorie Knight of Wilmar Investments Inc. represented the sellers. Hammond Property Investors was previously represented by Southeast Property Advisors on the purchase of a 10,000 square foot office building in the same complex that closed in January.

Centennial nabs ninth

Atlanta-based Centennial Investment Properties LLC has made its ninth apartment purchase in Atlanta in a year and a half, buying Brookstone on the Green in Austell. Centennial bought the 210-unit complex for $17.1 million Aug. 8 from Norsouth Corp. of Savannah, said W. Porter Payne Jr., president and CEO of Centennial. The apartment complex is now called Century Brook, he said.

Social at Strip

ULI Atlanta will have its semi-annual membership social Sept. 12 at 6 p.m. at Strip Atlantic Station.

Event cost is $20 for ULI members, with one guest free of charge.

Hors d'oeuvres and drinks will be served.

For more information, contact Misty Ivie at (404) 888-8765.

World Leadership Lease

A Johns Creek marketing company has signed one of the largest leases in the submarket this year and will nearly double its space.

World Leadership Group Inc. will occupy the entire 100,000-square-foot 6465 East Johns Crossing building in Duluth.

The independent marketing company, led by Hubert Humphrey, will relocate from 55,000 square feet in a single-story building at Johns Creek Court in Suwanee, said Don Martin, executive vice president of World Leadership Group.

Begun three and a half years ago with 50 employees, today World Leadership Group employs just over 200 people.

Martin cited such growth and the need for meeting space for the move.

Ridr Knowlton, managing director and leasing director of Jones Lang LaSalle Inc., represented the building owner, LaSalle Income & Growth Fund IV. The four-story, class A building is part of a nine-building portfolio in Johns Creek and Peachtree Corners owned by the fund.

John Dryman of The Dryman Team represented World Leadership Group.

"We are very excited about this transaction as it brings another great tenant into the portfolio and also provides us the opportunity to fill the entire building with a single transaction," Knowlton said.

-- Staff writer Lisa R. Schoolcraft contributed to this column. If you have news for Real Estate Notes, contact Jill Lerner at (404) 249-1073; fax, (404) 249-1058; or at jlerner@bizjournals.com.

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